Fibra Inn to Acquire Mexico's Hotel Marriott Real Puebla for $27.8 Million
MONTERREY, Mexico - July 3, 2013 - Deutsche Bank Mexico, S.A., Banking Institution, Trust Division F/1616 or Fibra Inn (BMV: FINN13) ("Fibra Inn" or "the Company"), a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, announced today that it has signed an agreement for the purchase of the Marriott Real Puebla Hotel.
The agreed price for this hotel was US$ 27.8 million, excluding taxes and acquisition expenses. This acquisition will be paid in cash with the proceeds from the initial public offering that took place on March 13, 2013. The Company is finalizing the necessary negotiations in order to complete this purchase.
This is a strategic property for the Company as it will signify the addition of the Marriott global brand to Fibra Inn's business portfolio. This property will contribute approximately 15% of the hotel revenues and will represent 12% of the Fibra's property value. In accordance with the Company's by-laws, the Technical Committee must approve any acquisition that exceeds 5% of the Fibra's property value and a Holders Meeting must approve acquisitions that exceed 20%. For this reason, approval of this acquisition was obtained by Fibra Inn's Technical Committee on June 26, 2013.
The Marriott Real Puebla is located in the city of Puebla; it is a leading hotel in the local market and is located on Avenida Hermanos Serdán very close to the Mexico - Puebla highway and the FINSA industrial park. This area is strategic for Fibra Inn as it has demonstrated significant economic growth that is linked to automotive industry investment, mainly in the Volkswagen and Audi plants, as well as in their auto parts providers. Puebla is also a weekend tourist destination for citizens of Mexico City and surrounding towns. Additionally, the Marriott Brand is a popular and highly-recognized brand for the international traveler.
The Marriott Real Puebla is a full service hotel with 192 rooms and we expect to add another 100 rooms that will be ready to operate during the fourth quarter of 2014. During 2012, this hotel's occupancy rate was 74%; its average room rate was Ps. 1,191 and the RevPar was Ps. 885. Fibra Inn's Hotel Operator will operate this hotel.
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. Also, certain reclassifications have been made to make figures comparable for the periods. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
About Fibra Inn
Fibra Inn is a Mexican trust formed primarily to acquire, own, develop, operate and rent a broad range of hotel properties in Mexico. Headquartered in Monterrey, Fibra Inn has an Initial Portfolio of 14 high-quality hotels and geographically-diverse located in nine states throughout Mexico, comprising approximately 2,423 rooms. The Company has signed Franchise Agreements with IHG to operate its global brands Holiday Inn, Holiday Inn Express, and Holiday Inn Express & Suites; with Hilton to operate its brand Hampton Inn by Hilton; and is in the process with Marriott International to operate its global brands. These hotels enjoy some of the industry's top loyalty programs and, offer attractive hotel options for businesses travelers. Fibra Inn recently listed its Real Estate Trust Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios or "CBFIs") on the Mexican Stock Exchange and trades under the ticker symbol "FINN13".
For more information, please visit: http://fibrainn.mx/en/investors.php
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
